Charter Hall to manage PFA Trust

Charter Hall Group
has agreed to take over as the responsible entity of the $444.5 million PFA Diversified Property Trust, assuming the role from Brisbane-based APGF Management.

The deal, subject to the fund’s unitholders’ approval, would take assets under management in Charter Hall’s direct property funds to $1.7 billion. Its total assets under management would rise to $9.5 billion.

The PFA trust, formerly run by
Mirvac Group
, owns assets including Civic Tower at 66-68 Goulburn Street in Sydney and B grade office buildings in St Leonards on Sydney’s north shore and on St Kilda Road on Melbourne’s city fringe.

Under the terms of the deal, Charter Hall would pay a $5 million fee to APGF. The APGF board has unanimously approved the deal.

Charter Hall said the deal would be marginally earnings accretive and give it access to 4178 new retail investors.